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A machine cost 120,000 has annual depreciation of 20,000 and has accumulated depreciation of 90,000 on December 31, 2006. On April 1, 2007 when the machine has a market value of 27,500, it is exchanged for a machine with a fair value of 135,000 and the proper amount of cash is paid. The exchange lacked commercial substance.
A) The gain to be recorded on the exchange is what dollar amount?
B) The new machine should be recorded at what dollar amount?
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method.
Torrid Romance Publishers has total receivables of $2,820, which represents 20 days' sales. Total assets are $70,500. The firm's operating profit margin is 6.0%. Find the firm's asset turnover ratio and ROA. (Use 365 days in a year. Do not round i..
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
what is the potential impact of the increased fines on the content of the accounting reports of firm in the pharmaceutical industry, particularly in relation to accounting information? (case study: drugs code set to get tougher by Emma Connors)
FocusMore Inc. had the following alphabetical list of accounts taken from its adjusted trial balance at December 31, 2010.
Identifying business activities requires selecting transactions and events relevant to an organization. Which of the following events would be recorded in the accounting records of Acme Car Wash?
What does it mean if a company such as Wal-Mart has net income, increasing total assets, and a lower return on assets? Is this a good thing or a bad thing?
Explain the rules for discharge of indebtedness income. When is it taxable, and when isn't it? Why? Do you think these rules make sense?
Carson Company on July 15 sells merchandise on account to Tayler Co. for $1,000, terms 2/10, n/30. On July 20 Tayler Co. returns merchandise worth $400 to Carson Company. On July 24 payment is received from Tayler Co. for the balance due. What is ..
In preparing a statement of cash flows for the year ended December 31, 2011, for Cole Company, cash flows from financing activities would reflect
The accumulated depreciation account had a balance of $105,000 on January 1, 2008, using the straight-line method. The gain or loss on disposal is
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